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So you've brainstormed a business idea and found the perfect partner in crime to work with. Now what?
Well, the first step is organising a Partnership Agreement so you both know exactly where you stand. Here, we've explained exactly what to include in your agreement and how to find a free template to make it an easy-breezy process.
A Partnership Agreement is a legally binding contract between two or more parties who would like to work together to operate a business in order to generate profit. It sets out the responsibilities, duties and obligations of each partner, ensuring that the interests of each party are known and protected.
Download this template at Lawpath
Partnership Agreements should be written and signed at the beginning of a business venture. This will spell out the responsibilities of each partner and ensure that all owners share a common vision for the business. These agreements should be put in place as early as possible to avoid any awkward disputes later down the road.
Partnership Agreements can turn out to be lengthy documents as they are essentially setting out the foundations for your business. Typically, a Partnership Agreement should address the following:
As we've explained above, a Partnership Agreement protects the interests of all partners involved and provides guidance to moderate any disputes that the company may face in the future. Through a Joint Venture Agreement may seem similar to a Partnership Agreement, they are quite different things when it comes down to the legal stuff. Here are a few key differences:
Partnership Agreements are legally binding between the partners of a business. They are created to deal with any sort of situation that might cause confusion, disagreement or change. A well-thought-out agreement, drafted at the beginning of a partnership, is critical to smooth business operations.
Partnership Agreements can help to do the following:
Lawyers are technically not required to write up a Partnership Agreement, but they can be extremely useful. Within Australia, Partnership Agreements are regulated by both the Partnership Act (1963) and the Corporations Act (2001) and have to adhere to different state regulations. Hiring a lawyer to help you draft your document will make sure it remains within the law as well as creating a comprehensive agreement for the business. If you'd rather write the document yourself, make sure you use a legal template that has been drafted with your state laws in mind.
A Partnership Agreement must include clauses that cover all areas of the business, from the day-to-day running of the business to how a partner goes about leaving the business in the future. To write an agreement that all business partners agree to, you must all sit down together and agree on certain terms and conditions to be included in the document. It's best to refer to a legal template for the ins and outs of the document, but the sample provided below should give you an idea of what to include in your Partnership Agreement.
Partnership Agreements can be upwards of 15 pages, which is why using a legal template can be extremely useful. It'll make sure that nothing is left unwritten and all the legal jargon is there ready for you. Here is a selection of websites that allow you to view or download a Partnership Agreement template for free.
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